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6 Best practices for growing a profitable IoT business

by

Jessica Morales

The Internet of Things (IoT) promises endless opportunities for businesses to introduce new, high-value customer experiences on a global scale through connected services. But to come out a leader, you’ll need to be prepared to tackle complex challenges around managing connectivity and costs.

To grow a profitable IoT business, you’ll need to rapidly and cost-effectively launch, manage, and monetize your connected services. Getting it right includes integrating the following six best practices into your overall business and operational strategy:

Real-time visibility — Continuously monitor connected devices in real time so you can quickly respond to any issues. Many businesses are reducing operating expenses (OpEx) by remotely identifying and diagnosing issues at the device level before problems escalate, often eliminating the need for onsite repairs.

Cost management — Improve your bottom line by leveraging business intelligence to control support and IT costs, and build predictability into expenditures and revenue. For instance, SMART Watering Systems uses the power of an IoT platform to help Canadian businesses and municipalities save millions of gallons of water, while reducing their own operating costs up to 75 percent.

Customer service — Meet customer expectations by delivering always-on, anywhere, every-time IoT services. Sounds like a tall order, but companies worldwide are making it happen with the right tools to consistently deliver reliable service and exceptional customer experiences.

Global scale — Rapidly enter markets to expand your business and capitalize on new revenue opportunities. Agribusiness is a key player in growing the IoT revolution worldwide with companies like Tierra. Their telematics solutions for precision farming are leveraging intelligence from connected devices in nearly 200 countries to continuously open up new ways to grow the business.